Life insurance is much more than just a contract: it is a tool that allows you to protect your family and your assets when you are no longer able to do so yourself. As an exclusive AXA insurance agency in Mallorca, at DYLSI we combine the strength of a large insurer with the close, personal service of a local broker.
What is life insurance and how does it work?
Taking out life insurance means signing a policy under which, in exchange for paying a premium, the insurer undertakes to compensate the beneficiaries if the insured person dies or suffers a disability. Four parties are involved in this arrangement:
- Policyholder: the person who takes out the policy and pays the premium.
- Insured person: the person whose life and/or health is covered. This is often the same as the policyholder, but not always.
- Insurer: the insurance company (in this case AXA), which assumes the risk and pays the benefit when due.
- Beneficiaries: the people designated to receive the insured capital.
The way it works is simple: you choose the type of life insurance that best fits your circumstances, the premium is calculated based on factors such as age, health status and the insured capital, and you pay that premium periodically (monthly, quarterly or annually). If the insured event occurs (death or disability), the insurer pays the agreed lump sum.
What is life insurance for?
Protecting your family
The main purpose of life insurance is to guarantee the financial stability of your loved ones when you are no longer able to generate income. The lump sum can be used to:
- Pay off debts such as mortgages or loans.
- Maintain the family’s standard of living and cover day-to-day expenses.
- Pay for education or other important projects.
In addition, some products guarantee from day one a specific amount to cover funeral expenses and allow the excess premium to be invested in a savings portfolio.
Support in the event of disability or serious illness
Many policies include coverage in the event of permanent disability or serious illness. Thus, if you suffer an accident or are diagnosed with a condition that prevents you from working, you will receive financial compensation to help you adapt your lifestyle.
Savings and wealth planning
There are life insurance policies with a savings component that allow you to accumulate capital over the long term. They are an option for those looking to supplement their retirement or leave an inheritance on favourable terms, as the accumulated capital can be recovered during your lifetime or passed on to beneficiaries. In the case of Legado Activo, the excess premium is allocated to investment funds that you can redeem in full or in part when you need to.
Who should take out life insurance?
Although anyone can benefit from this protection, there are certain profiles for whom it is particularly advisable:
- Single income earners: those who contribute most of the household income.
- People with mortgages or loans: this is how they prevent debts from falling on their families.
Sole breadwinners: those who contribute most of the household income. - Self-employed workers and entrepreneurs: they do not usually have sufficient coverage through public social security benefits and prioritise protecting their independence.
- People planning to expand their family: to offer financial protection to dependent children in the event of a sudden interruption in family income.
Tips for choosing the best life insurance
- Define your objectives:
- Do you want to protect your family in case of death or are you also looking for a savings plan?
- Are you concerned about death, or also about the possibility of being unable to work permanently?
- Have you calculated how much capital your family would need if your income ceased, and for how long they could maintain an adequate standard of living? All of this will help you calculate the amount to insure in your policy.
- Compare premiums and cover: Don’t focus solely on price; the quality of the cover and the financial strength of the insurer are key.
- Review the policy regularly: Your needs change over time (marriage, children, new loans). At DYLSI we help you adjust your cover so you always maintain the right level of protection at each stage of life.
- Seek professional advice: A specialist broker like DYLSI will help you understand the small print and choose the most suitable option.
What DYLSI offers in its life insurance policies?
As an exclusive AXA agency, DYLSI stands out for its personal service and for designing truly tailor-made policies. Before recommending a sum insured or a specific type of cover, our team analyses the client’s family situation: mortgage, debts, household income structure, children’s ages and the capital needed to deal with unforeseen events. Based on this analysis, we propose a balanced life insurance solution adapted to your lifestyle.
Main coverage of our life insurance policies
The life policies distributed by DYLSI go far beyond simple death cover. Among the usual guarantees you will find:
- Death from any cause: your beneficiaries receive a lump sum to cover debts, everyday expenses or future projects.
- Permanent and absolute disability: if an accident or illness prevents you from carrying out any gainful activity, you receive the insured lump sum.
- Permanent disability for your usual occupation: a lump sum is paid if you are no longer able to continue working in your habitual profession.
- Serious illnesses: cover that provides an immediate capital sum in the event of diagnoses such as cancer, heart attack or Alzheimer’s. This money allows you to access treatment without compromising your finances.
- Advance for inheritance tax: funds are advanced to help pay inheritance and gift tax.
- Cover up to age 80: protection is guaranteed for most of your working life and beyond.
In addition to these core covers, at DYLSI we offer specific products that can be taken out independently or as add-ons:
- Repatriation insurance: designed for foreign nationals who want to guarantee that their remains are transferred to their country of origin.
- Critical illness insurance: provides a lump sum in case of illnesses such as cancer, heart attack or Alzheimer’s.
- Long-term care insurance: provides capital in situations of severe dependency, complementing state benefits.
How we work?
At DYLSI we understand that taking out life insurance is an important decision, which is why our approach is based on listening and guidance. We get involved from the very first moment: we listen to your situation and your goals, search for the best solution and adjust the levels of cover and capital so that they fit you, not the other way round.
Our team is by your side throughout all the formalities and procedures and, when you sign a policy, you are not just buying a product – you are gaining a team who are ready to help you. As registered brokers (no. 78286), we guarantee transparency and professionalism every step of the way.
We work with AXA’s range of products to offer solutions such as:
- Vida Protect: the classic pure protection life insurance with customisable cover.
- Vida Ahorro (Savings Life): mixed policies that allow you to save while protecting your loved ones.
- Vida Dependencia (Dependency Life): designed to cover loss of personal autonomy.
- Legado Activo: whole life insurance with a savings component that guarantees capital for funeral expenses and allocates the rest of the premium to sustainable investments. This product is suitable for people aged 14 to 90 and allows for regular or one-off contributions.
Our goal is for you to feel supported at all times, knowing that you have chosen solid protection tailored to your needs. If you need help calculating your life insurance or would like more information, we will be delighted to advise you.
Life insurance is an investment in peace of mind. It protects those you care about most, guarantees the payment of your debts, and can help you build long-term wealth.
At DYLSI, as an exclusive AXA insurance agency, we are here to help you find the policy that best suits your needs. If you would like more information or want to calculate your life insurance with an expert, do not hesitate to contact us.
Frequently asked questions
Is life insurance compulsory in Spain for a mortgage?
It is not required by law, although many lenders demand it as a condition for granting the loan. Having it in place ensures that the debt will be settled if you die.
Can I change the beneficiaries?
Yes. You can change your beneficiaries or the percentage allocated to each at any time, as long as you notify the insurer.
What happens if I do not die during the term of a temporary (term) policy?
The policy ends and the premium is not refunded. Some products offer the option to renew or convert to permanent life insurance.
How do my habits affect the price?
Factors such as smoking, practising high-risk sports or having a dangerous occupation can make the premium more expensive.
